shazamm,
If you review my iHub posts I think you'll find that all or most of any intel I had actually came either from shareholder meetings I attended myself and reported, from information released publicly by the company,from public data on the MSHA site, or from posts on iHub from others. The rest was my own speculation, guesswork, or analysis based on those sources.
It was clear to those who attended the shareholder meeting and the tour of the mine and were told by Mr. Low that there was enough money for Dun Glen to run at full capacity for about a month (at least through Thanksgiving) and that it was his intention to do so. In addition, that would provide enough material to test to determine if Dun Glen was worth keeping open or not. Low told the meeting that if Dun Glen could not prove itself he himself would recommend that URHG stop Dun Glen mining efforts and that he would step down.
I haven't posted much recently because I've been waiting for January 2017 to see what gets reported to MSHA by URHG for how many days the mine operated from the time of the last shareholder meeting through the end of 2016. To my mind, if there was enough funding to run the mine for at least a month, then even if there was an equipment breakdown or some sort of regulatory delay which reduced the number of days they could run in November, they could make up those days in December. They might not get a full month's worth of production for a gold report, but they should be able to get the equivalent of a week or two of full production, which should allow a gold report of some kind to come out.
I was troubled when Mr. Low sent out some press releases after he took over indicating that URHG was only in some sort of test phase where ore was only being collected until they had enough to test, and where it was implied that URHG was not going to run at full production (and without giving any production projections ). That is not what we were told at the shareholder meeting or on the tour (as we have discussed on iHub). It gave me the impression that either history was being rewritten, or else that what we were told at the meeting and tour was simply untrue and meant to deceive. (I think it would be a very serious legal matter if it was an attempt to deceive). Final figures for 2016 production days may shed some light on this.
I do not know much about new management or a doable plan, except what I posted here already. The only "new" information I have is from a friend who had brought several people into URHG stock over the last couple of years and wanted answers for them . He had tried to speak to Dana Low a couple of times but never got a response. He called the company recently and spoke with the CFO. My friend said they had a good conversation, that the CFO answered all of his questions, and that now it was a matter of raising the money. So to answer your question, Shazaam, the plan seems "doable" in the sense that the plan to raise money seems rational, and would provide the necessary revenue for the company to operate as it should operate, meaning it would allow the company to pay its debts, hire people, and run a mining operation.
Note that I am not saying the plan would produce gold. I am saying the plan will enable the company to operate successfully IF there is gold there and IF they can find the gold. The last couple of years have been a case of chicken and egg. Do you get the necessary money first, then operate the company with it, or do you produce some gold first then use that money to scale up operations? URHG seems to have tried it where they raised money as they went along, but money always got spent before producing gold, and then they tried it where they skipped salaries and tried to get gold to finance scaling up. This plan seems to be to raise all the money up front and then find and produce gold.
I agree with you about the importance of a proper Board of Directors. To me that is just a sound business practice. However, in Nevada, companies have a tremendous amount of leeway in how they do business. Perhaps shareholders could make that happen if they can help finance the "plan"; if people put in money they could probably get a say in how the company is structured. (I'm not putting money in, my money was spent on the stock).
My friend came away with a good opinion of the CFO. and also told me that it sounds like nothing is going to happen until the spring. He added that it seems as if no one knows if there is gold there or not. So I don't have a lot of facts to pass on, just a friend's opinion. I suggest you call the CFO yourself and form your own opinion.
Happy New Year.
- TTH
